Jennison Associates

Building on 40 Years of Successful Asset Management
Jennison Associates began managing investments in 1969 as an SEC-registered investment advisor for tax-exempt, domestic large-cap growth equity accounts, primarily for large institutions. The firm has expanded its investment capabilities over the years to include a range of equity strategies-small cap, mid-cap growth, multi-cap (opportunistic), large-cap value, blend, and long/short-as well as balanced and fixed income management. Jennison manages portfolios for institutional, subadvisory, and private clients through separately managed and commingled vehicles, including mutual funds.

Dedicated to Meeting Client Investment Objectives
Since Jennison's founding, the firm has had one goal - seek to provide superior investment returns for clients. Jennison's expertise spans a select array of active investment disciplines that focus on areas where the firm believes it can add significant value. Throughout Jennison's history, the firm has maintained its investment philosophies, taken careful steps to hire and retain talented professionals, and built its business in a deliberate, controlled fashion. This focus has led to long-term investment success and long-term client relationships.

An Unwavering Process and Team Focus on Performance
Jennison attributes its success to its performance-oriented culture and adherence to clear and consistent investment philosophies. The firm's commitment to rigorous fundamental research and bottom-up stock selection drives investment performance and is the cornerstone of Jennison's investment philosophy.

While portfolio managers ultimately make investment decisions for the portfolios they manage, they work closely with Jennison's research analysts and other portfolio managers in a dynamic and continuous process of updating and debating investment ideas and company-specific convictions. This process prizes intellectual rigor and leverages the knowledge and skills of the entire investment team.

This team approach recognizes that individual accountability combined with close collaboration among professionals is the foundation of success.

Furthermore, Jennison's compensation structure rewards investment professionals for their individual and collective contributions to portfolio performance. Long-term outperformance of benchmarks and competitive universes is the focus, ensuring that the interests of Jennison's professionals and clients are aligned.